Page:United States Statutes at Large Volume 106 Part 5.djvu/418

 106 STAT. 4056 PUBLIC LAW 102-550—OCT. 28, 1992 SEC. 1507. RESTRICTING STATE RRANCHES AND AGENCIES OF FOR- EIGN BANKS CONVICTED OF MONEY LAUNDERING OFFENSES. Section 7 of the International Banking Act of 1978 (12 U.S.C. 3105) is amended by inserting after subsection (h) the following new subsection: "(i) PROCEEDINGS RELATED TO CONVICTION FOR MONEY LAUNDERING OFFENSES.— "(1) NOTICE OF INTENTION TO ISSUE ORDER. — If the Board finds or receives written notice from the Attorney General that^ "(A) any foreigpi bank which operates a State agency, a State branch wmch is not an insured branch, or a State conmiercial lending company subsidiary; "(B) any State agency; "(C) any State branch which is not an insured branch; or ^ "(D) any State commercial lending subsidiary, has been found guilty of any money laimdering offense, the Board shall issue a notice to the agency, branch, or subsidiary of the Board's intention to commence a termination proceeding under subsection (e). " (2) DEFINITIONS.— For purposes of this subsection— "(A) INSURED BRANCH.— The term 'insured branch' has the meaning given such term in section 3(8) of the Federal Deposit Insurance Act. "(B) MONEY LAUNDERING OFFENSE DEFINED.— The term 'money laundering ofTense' means any criminal offense under section 1956 or 1957 of title 18, United States Code, or under section 5322 of title 31, United States Code.". Subtitle B—Nonbank Financial Institutions and General Provisions SEC. isii. IDENTIFICATION OF FINANCIAL INSTITUTIONS. (a) IN GENERAL.— Subchapter II of chapter 53 of title 31, United States Code, is amended by inserting after section 5326 the following new section: ''§5327. Identification of financial institutions "(a) REGULATIONS REQUIRED. —The Secretary of the Treasury shall prescribe regulations requiring each depository institution to identify' any customer (of the depository institution) which— "(1) is a financial institution described in— "(A) any subparagraph of section 5312(a)(2) other than ^ subparagraphs (A) through (G); or "(B) any regulation under any such subparagraph; and "(2) has any account with the depository institution, "(b) REPORTS REQUIRED.— Each depository institution shall report the names of and other information about financial institution customers required to be identified under subsection (a) to the Secretary at such times and in such manner as the Secretary shall prescribe by regulation. "(c) REPORTING OFFENSES.— No person shall cause or attempt to cause any depository institution to fail to file a report requirod

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